Alice Queen Limited’s latest drilling at the Viani Project in Fiji confirms high-grade epithermal gold mineralisation extending to 175 metres depth, prompting plans for further drilling and a capital raise to fund exploration.
- Phase 1 diamond drilling confirms high-grade low sulphidation epithermal gold to 175m depth
- Best assay includes 0.58m at 26.4 g/t Au and 39.7 g/t Ag from 195.76m
- Third drill hole completed with assays pending, targeting 275m vertical extension
- Plans underway to extend drilling laterally along strike to the west-northwest
- Company assessing capital raising to support ongoing exploration activities
Strong Drill Results Reinforce Viani’s Potential
Alice Queen Limited (ASX: AQX) has delivered encouraging results from its Phase 1 diamond drilling program at the Viani Project on Vanua Levu, Fiji. The company’s two completed holes at the Dakuniba Prospect have confirmed the presence of high-grade low sulphidation epithermal gold mineralisation extending vertically to approximately 175 metres below surface.
Notably, drill hole 25VDD002 intersected 4.14 metres grading 6.13 g/t gold and 9.42 g/t silver from 195.76 metres, including a standout 0.58 metre interval at 26.4 g/t gold and 39.7 g/t silver. These results build on historic drilling by the Japan International Cooperation Agency (JICA) in the 1990s, which had identified high-grade gold mineralisation at shallower depths.
Expanding the High-Grade Zone
The mineralisation is hosted within steeply dipping quartz veins and breccias characteristic of epithermal systems, with associated sericite clay alteration and anomalous base metals such as antimony, arsenic, and lead. The continuity of the high-grade gold zone from surface to depth suggests the potential for economic ore shoots, a significant milestone for the largely underexplored 3-kilometre strike length at Dakuniba.
Drill hole 25VDD003 has been completed, targeting an extension of the vertical high-grade gold zone to around 275 metres depth, with assay results pending. Encouraged by the early success, Alice Queen is planning a fourth hole to test the lateral strike extension west-northwest from 25VDD002, aiming to delineate the full scale of the mineralised system.
Broader Exploration Portfolio and Financial Position
Beyond Viani, Alice Queen maintains a diverse portfolio including the Sabeto Project in Fiji, targeting alkaline subvolcanic breccia-hosted gold-copper mineralisation, and the Horn Island Project in Queensland, which hosts an existing mineral resource. While no exploration was conducted at Horn Island this quarter, tenements remain in good standing.
The company reported $714,000 in exploration and evaluation expenditure during the quarter, predominantly focused on Fiji projects. Operating cash flow remains negative, consistent with exploration-stage companies, and Alice Queen is actively assessing capital raising options to fund its ongoing drilling programs. A trading halt was requested on 29 April 2025 pending an announcement regarding the proposed capital raise.
Outlook and Market Implications
The confirmation of high-grade gold mineralisation at depth at Viani significantly enhances the project’s prospectivity and could position Alice Queen as a key player in Fiji’s emerging gold exploration sector. The pending assay results from the third drill hole and the planned strike extension drilling will be critical in defining the scale and economic potential of the deposit.
Investors will be watching closely how the company manages its funding strategy to sustain exploration momentum, as well as the market’s response to the evolving geological story at Viani.
Bottom Line?
Alice Queen’s deepening high-grade gold discovery at Viani sets the stage for a pivotal exploration phase and funding decision.
Questions in the middle?
- What will the assay results from drill hole 25VDD003 reveal about the vertical extent of mineralisation?
- How extensive is the lateral strike of the high-grade gold zone beyond current drilling?
- What are the terms and timing of the proposed capital raising to support exploration?